Disney enters into $1.5 billion credit agreement with Citi, JPMorgan

By Jennifer Chiou

New York, March 20 - Walt Disney Co. entered into on March 15 a new $1.5 billion 364-day credit agreement with Citibank, NA and JPMorgan Chase Bank, NA as administrative agents, according to an 8-K filing with the Securities and Exchange Commission.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the joint lead arrangers and joint book managers with BNP Paribas and Deutsche Bank as co-syndication agents.

The facility will expire on March 14, 2014. There is a one-year extension option.

Borrowings bear interest at Libor plus 87.5 basis points to 150 bps, depending on the company's credit ratings. The commitment fee ranges from 3 bps to 6 bps.

Proceeds will be used to support commercial paper borrowings and for other general corporate purposes.

The entertainment and media company is based in Burbank, Calif.

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